Title
Resolution Authorizing a Commitment of Funds to Elmsley Trail, LLC, Bells Summit, LP, Printworks Ventures, LLC, and Affordable Housing Management, Inc. for Multi-Family Affordable Housing Development Projects
Body
Department: Neighborhood Development
Council Districts: 1, 2, and 4
Public Hearing: Not Applicable
Advertising Date/By: Not Applicable
Contact 1 and Phone: Stan Wilson, 336-373-2509
Contact 2 and Phone: Cynthia Blue, 336-433-7376
PURPOSE:
City Council consideration is requested for a commitment of funds for the Elmsley Trail, Bells Summit, and Printworks Lofts Multi-Family Affordable Housing Development projects as recommended by the Planning Board. City Council consideration is also requested for the Muirs Landing Project, contingent on the successful rezoning of the property located at 303 Muirs Chapel Road and 4803 & 4809 Kenview Street that has been appealed to City Council.
BACKGROUND:
A request for proposals for multi-family affordable housing development projects was issued in February, 2018. A total amount of $4,400,000 million in federal HOME and Housing Bond funds was projected to be available for commitment. An additional $400,000 in Supportive Housing Bond funds was included for permanent supportive housing projects. No projects currently qualified for those funds, so they will be included in a future request for proposals for supportive housing.
At the March 21, 2018 meeting, the Planning Board recommended $3,998,437 in funding as outlined on the attached summary for multi-family affordable housing development projects to fund the following projects:
* Elmsley Trail - 518-522 Kallamdale Rd. - $750,000. New construction of 60 family units serving low income households at 30%, 50% and 80% of Area Median Income. The project is ready to begin construction. Loan terms: 2 percent interest, 20 year term and amortization schedule. In permanent financing, the City lien will be in third position behind the bank loan and the Nort...
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